Japan, Korea Firms Buy Brazil Miner Stake

By

Kyong-Ae Choi in Seoul and

Alison Tudor in Hong Kong

Updated March 3, 2011 12:01 a.m. ET

A Japanese and South Korean consortium is buying a stake in a Brazilian miner that specializes in scarce metals for $1.95 billion, a move that highlights steelmakers' race to secure resources amid tightening supply.

The consortium will sign a deal Friday to buy the 15% stake in Companhia Brasileira de Metalurgia e Mineracao, South Korean consortium member Posco said. CBMM mines and processes niobium, a metal used to produce high-grade...